This note is about investing, not trading or event-driven ideas. We believe our OI rated stocks will outperform the market on a risk-adjusted basis in the next 12-18 months. We recommend you own OPAP, Jumbo, PPC, Alpha Bank and ADMIE. We downgrade OTE given it is trading at our target price. We assume the pandemic will be less of a risk; we consider the end of free money and elevated costs and reiterate cash flow conversion as our #1 criterion.

With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.

With this note we update our views on Greek equities…

We cut our estimates again and model reported EBIT margin at 6.2% this year and 6.7% next. This year we see flat sales, EBIT at E400m/adjusted at E452m. Next year; +1% on volumes leads to …contact@researchgreece.com for this note

We maintain unchanged our profitability estimates. The first time during the last year we don’t cut our EBIT forecasts post an earnings release. Despite sales/volume being worse; the raw material bill and FX were/are better. We model EBIT margin at 6.3% this year or 8.3% by 2016 and we still believe to OWN the shares we would need …